We are becoming a debtor nationas if this is somehow a crisis. as if somehow there is a stigma involved. I remind my colleagues that the last time we were a debtor nation between 1867 and 1914. we grew more rapidly than any other nation on Earth has grown in terms of real productive capacity. The last time we were a debtor nation. we had a more rapid. sustained period of economic growth than any other nation before or since has had20 milion immigrants came to this country in search of opportunity and freedom. and they found both. The truth is. to summarizeI have spoken longer than I intended to. and I apologize to my colleaguesthat trade deficits and trade surpluses. being a debtor nation or a creditor nation. in and of themselves are not good or bad. The important point is. why is it happening?
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